PARTIES

FIFO, Ltd ("FIFO"), a private limited company incorporated in England and Wales, company number 11164834 whose registered office is 71-75 Shelton Street Covent Garden, London, United Kingdom, WC2H 9JQ; and

You (the “User”) by signing up to use and open an account through www.fifo.io or any of our associated websites, APIs, or mobile applications, agree that they have read, understood, and accept all of the terms and conditions contained in this Agreement, as well as the FIFO privacy policy.

This Agreement (including documents incorporated by reference herein) comprise the entire agreement between you the user and FIFO.

KEY DEFINITIONS

"Funds"

Digital Asset and/or Legal Tender (FIAT currencies)

"Legal Tender”

National currencies, that may be used in connection with a purchase or sale of Digital Assets

"FIFO Account"

User account accessible via FIFO Services where Funds may be stored on behalf of a user

"Digital Asset"

Crypto currencies and digital assets that may be purchased, sold or traded via FIFO Services

“E-Wallet”

Digital wallet used to store digital assets and legal tender

“E-Money”

Funds available in the E-Wallet for trading

“E-Currency Transaction”

Digital Asset transaction

FIFO SERVICES

FIFO provides users with a simple and convenient way to trade digital assets (“FIFO Services”), and to trade one type of digital asset for another type of digital asset. Users may also use FIFO services to purchase and sell digital assets directly from and to FIFO. The following FIFO Services are provided to users by FIFO:

TRADING RISKS

Users should note that the risk of loss in trading or holding Digital Assets can be substantial. Digital Currency Services are not currently regulated by the Financial Conduct Authority or any other regulator. Users should therefore carefully consider whether trading or holding Digital Assets and if they are suitable taking into account their own personal financial condition and requirements.

FIFO ACCOUNT

For users to be eligible to for a FIFO account and to use the FIFO Services, the must be at least 18 years old.
In addition, users further represent and warrant that they:

have not previously been suspended or removed from using FIFO Services

have full power and authority to enter into this agreement and in doing so will not violate any other agreement to which they are a party

will not use FIFO Services if any applicable laws in the users’ local jurisdiction prohibit the user from doing so in accordance with these attached terms

will not Engage in illegal activities, lie, or do anything that would cause damage to FIFO services or systems

FIFO may restrict or prohibit use of the FIFO Services in certain foreign jurisdictions (Restricted Locations). If users are registering to use the Services on behalf of a legal entity, they represent and warrant that: the legal entity is duly organized and validly existing under the applicable laws of the jurisdiction of its organization; and that the user is duly authorized signatory for the legal entity to act on its behalf.

In order to use the FIFO Services, users will need to register for a FIFO account ("FIFO Account") by providing their name, e-mail address, password, and accepting the terms of this Agreement and our Privacy Policy. FIFO may, in its sole discretion, refuse to open a FIFO Account for a user, or limit the number of FIFO Accounts that a user may hold.

When users create a FIFO Account, they agree to:

create a strong password and provide accurate and truthful information;

maintain and promptly update the FIFO account information

maintain the security of the FIFO Account by protecting the password and restricting access

promptly notify FIFO if they discover or otherwise suspect any security breaches

take responsibility for all activities that occur under the account and accept all risks of any authorized or unauthorized access

Users agree to provide FIFO with the information FIFO request for the purposes of identity verification and the detection of money laundering, terrorist financing, fraud, or any other financial crime and permit us to keep a record of such information.

Users will need to complete certain verification procedures before they are permitted to use the FIFO Services and their access to one or more FIFO Services. Information FIFO request may include certain personal information, including, but not limited to, the user name, address, telephone number, e-mail address, date of birth, taxpayer id, government id, and bank information. In providing FIFO with this or any other information that may be required, the user confirms that the information is accurate and authentic. Users agree and are responsible to info FIFO of any changes to the information they provide to FIFO.

Users grant FIFO permission to make inquiries, directly or through third parties, to verify users’ identity or protect the user against fraud or other financial crime, and to take action FIFO reasonably deem necessary based on the results of such inquiries. When FIFO make inquiries, the user acknowledges and agree that personal information may be disclosed to credit reference and fraud prevention or financial crime agencies. The verification process may on occasion delay the user from using further FIFO Services and/or before permitting the user to complete transactions.

FIFO may require users to submit additional information about themselves or business. FIFO reserve the right to charge users costs and fees associated with such Enhanced Due Diligence. FIFO will notify the user in advance.

PAYMENT SERVICES

Users can load funds into their E-Wallet using one of the payment methods available via the FIFO Site, such as a credit or debit card, or bank transfer. When users "load" funds into the E-Wallet they will be issued with E-Money. The E-Wallet is not a deposit account which therefore means that users E-Money will not be afforded protected by the Financial Services Compensation Scheme. FIFO however will hold funds received in a designated account with a regulated financial institution. E-Money held in an E-Wallet does not earn any interest.

Users are solely responsible for their External Account, and users agree to comply with all terms and conditions applicable to any External Account. Timing associated with loading funds depend in part upon the performance of third parties responsible for maintaining the applicable External Account, FIFO makes no guarantee regarding the amount of time it may take to load Funds into a user FIFO Account.

Users can make redemptions of all or part of the E-Money held in their E-Wallet at any time by selecting the relevant option in the FIFO Site and following the instructions. Funds will be transferred to the bank account the user has registered with FIFO. On termination, FIFO will repay any E-Money remaining in the users E-Wallet and transfer funds to the users’ bank account registered with FIFO. FIFO may conduct checks for the purposes of preventing fraud, money laundering, terrorist financing and other financial crimes, this on occasion may mean users are prevented or delayed from withdrawing E-Money.

Users will be able to see their E-Wallet balance and their transaction history using the FIFO Site, this will include:

the amount (and currency) of each Digital Currency Purchased

Reference to identify the payer and / or payee (as appropriate)

Any fees charged or associated with the transaction

the exchange rate where appropriate, and the amount in the base currency

date of each Digital Currency Purchase

Instructions received on a non-business day or after 4:45 pm (GMT) on a business day may be treated as if they were received by FIFO on the following business day.

To purchase Digital Assets using E-Money, users must follow the relevant instructions on the FIFO Site. A purchase of Digital Asset using E-money should occur on the business day FIFO receive the users’ instructions.

On receipt by FIFO from users giving instructions to purchase Digital Assets using E-Money, those instruction cannot be withdrawn, users consent to that purchase.

Where a purchase of Digital Assets and / or redemption of E-Money is initiated from a E-Wallet using users’ credentials, FIFO will assume that the user authorised such transaction, unless the user notifies FIFO otherwise. If users believe a particular transaction was incorrectly carried out, users must contact FIFO as soon as possible and no later than 1 month after the relevant transaction occurred, either by email to support@FIFO.io or by phone on +44 203 475 9316. FIFO are not responsible for any claim for unauthorised or incorrect transactions unless users have notified FIFO in accordance with this agreement.

If an unauthorised transaction occurs, FIFO will endeavour to refund the user the amount of that transaction within three business days and restore the users E-Wallet to the state it would have been had the unauthorised transaction not taken place. Generally, users will not be liable for losses incurred after they have notified FIFO of the unauthorised use of a users’ E-Wallet. Please note if you as the user are fraudulent or intentionally negligent in carrying out obligations under this Agreement, users will be liable for all resultant losses incurred by them as the user and FIFO.

Users will also be liable for the first £250 of any losses incurred in respect of an unauthorised transaction which arises from the use of a lost or stolen credentials. If a dispute between FIFO and the users occurs regarding an unauthorised transaction, FIFO may at its own discretion temporarily credit a users’ E-Wallet whilst FIFO settle the dispute. User will also be liable to FIFO for any E-Money they have transferred which was temporarily credited to the users E-Wallet.
Transaction made incorrectly (by an error by FIFO) shall be refunded to user in full without undue delay and restore the users E-Wallet to the state in which it would have been had the transaction not have taken place.
Irrespective of any liability associated with a users’ request, FIFO will endeavour to trace any incorrect or incomplete transaction initiated by the user at no cost, however FIFO cannot guarantee that they will be able to trace such transactions.

Users may appoint appropriately regulated third parties to access their E-Money Wallet. If users do, they should be aware that by virtue of such access, that third party may access their transactional and other data, and / or may initiate transfers from their E-Wallet.

FIFO may refuse access to regulated third parties for objectively justified and duly evidenced reasons relating to unauthorised or fraudulent access to a users’ E-Money Wallet. In such cases, unless FIFO are prohibited by applicable law, FIFO will inform users that that third party's access has been denied and the reasons why. FIFO will permit access again once FIFO are satisfied that the reasons for refusing access no longer exist.

Users give explicit consent to FIFO accessing, processing and retaining any personal information provided to us for the purposes of FIFO providing payment services. This consent is not related to, and does not affect, any rights or obligations FIFO or the user have in accordance with data protection laws and regulations.

Users can withdraw their consent to FIFO providing payment processing services at any time by closing their account with FIFO. However, FIFO may retain and continue to process users’ personal information for other purposes. Users should refer to FIFO Data Protection section and the Privacy Policy for further information about how FIFO process users personal data, and the rights users have in respect of this.

CRYPTO SERVICES

General. Users E-Wallet enables Users to trade Digital Assets, request, receive and store Digital Assets, and request third parties for funding by giving instructions through the FIFO Site (each transaction is a "E-Currency Transaction"). Users acknowledge and agree that FIFO is not acting as the user’s broker, intermediary, agent, or advisor or in any fiduciary capacity, no communication between the parties or information provided to users shall be considered or construed as advice.

FIFO will process E-Currency Transactions in accordance with the instructions FIFO receive from each user. Users should verify all transaction information prior to submitting instructions to FIFO. FIFO do not guarantee the identity of any user, receiver, requestee or other party. E-Currency Transactions cannot be reversed once they have been broadcast to the relevant Digital Currency network.

If users initiate an E-Currency Transaction by entering the recipient's email address and the recipient does not have an existing FIFO Account, FIFO will invite the recipient to open a FIFO Account. If the recipient does not open a FIFO Account within 30 days, FIFO will return the relevant Digital Asset to the users E-Wallet.

Once submitted to a Digital Currency network, an E-Currency Transaction will be unconfirmed for a period of time pending sufficient confirmation of the transaction by the Digital Currency network. An E-Currency Transaction is not complete while it is in a pending state. Digital Assets associated with E-Currency Transactions that are in a pending state will be designated accordingly and will not be included in the users’ E-Wallet balance or be available to conduct E-Currency Transactions.

Once a user executes an E-Currency Transaction, a confirmation will be electronically made available via FIFO Services detailing the particulars of the E-Currency Transaction. Users acknowledge and agree that the failure of the Services to provide such confirmation shall not prejudice or invalidate the terms of the E-Currency Transaction.

FIFO may charge network fees (miner fees) to process a E-Currency Transaction on the users’ behalf. FIFO calculate the network fee at their discretion, although FIFO will always notify users of the network fee at or before the time users authorise the E-Currency Transaction. A full list of FIFO UK's fees can be found on FIFO Fee Schedule. Please note FIFO may refuse to process or cancel any pending E-Currency Transaction as required by law or any court or other authority to which FIFO is subject in any jurisdiction.

FIFO Crypto Services are available only in connection with those digital assets that FIFO supports, and this may change from time to time. Under no circumstances should users attempt to use their E-Wallet to store, send, request, or receive Digital Assets in any form that FIFO do not support. FIFO assume no responsibility or liability in connection with any attempt by a user to use their E-Wallet for unsupported Digital Assets.

FIFO securely store Digital Assets private keys, which are the means by which users can securely approve an E-Currency Transaction. FIFO securely store private keys under their control using a combination of online and offline storage, as a result, it may be necessary for FIFO to retrieve certain information from offline storage in order to facilitate an E-Currency Transaction in accordance with user instructions, users therefore acknowledge that this may delay the initiation or crediting of E-Currency Transactions.

FIFO have no control over, or liability for, the delivery, quality, safety, legality or any other aspect of any goods or services that users may purchase or sell to or from a third party (including other users of FIFO Digital Crypto Services). FIFO are not responsible for ensuring that a third-party buyer or a seller a user transacts with will complete the transaction or is authorised to do so. If users experience a problem with any goods or services purchased from, or sold to, a third party using a FIFO service, or if the user has a dispute with such third party, users should resolve the dispute directly with that third party. If users believe a third party has behaved in a fraudulent, misleading, or inappropriate manner, or if they cannot adequately resolve a dispute with a third party, the user may notify FIFO Support at support@FIFO.io so that FIFO may consider what action to take, if any.

FIFO do not own or control the underlying software protocols which govern the operation of Digital Assets supported on the FIFO platform. The underlying protocols are open source and anyone can use, copy, modify, and distribute them. FIFO assume no responsibility for the operation of the underlying protocols and FIFO are not able to guarantee their functionality, security, or availability.

Users acknowledge and accept the risk that underlying software protocols relating to any Digital Assets users store in their E-Wallet may change. FIFO where possible, may provide users with notices or alerts. It is the users’ responsibility to make themselves aware of, and consider how to deal with, upcoming changes. In the event of a change, there is a risk that FIFO may need to temporarily suspend operations in relation to that change without providing advance notice to users.

EXCHANGE SERVICES

Users may purchase or sell supported Digital Assets via their E- wallet. The purchase or sale authorises FIFO to debit or credit the FIFO account accordingly, FIFO will attempt to reflect the purchase or sell as promptly as possible.

Users may purchase supported Digital Currency by linking a valid payment method, such as a credit or debit card, to their E-Wallet. Users authorise FIFO to debit funds using a users’ selected payment method(s) to complete their purchase. Although FIFO will attempt to deliver Digital Assets to users as promptly as possible, funds must be cleared in the users E-Wallet before the status of their E-Currency transaction is shown as complete and is delivered to the users E-Wallet.

Users may sell Digital Assets in exchange for Legal Tender supported by FIFO. FIFO will send these instructions as soon as reasonably possible.

Users clicking the "Buy" or "Sell" button on the FIFO Site, are authorising FIFO to initiate the transaction at the quoted Buy Price or Sell Price and agree to any associated Exchange Rate Fees.

User cannot cancel, reverse, or change any transaction marked as complete or pending. If the payment is not successful or if the payment method has insufficient funds, users by default authorise FIFO, in its sole discretion, either to cancel the transaction or to debit the users’ other payment methods, including balances on the users’ E-Wallet, in any amount necessary to complete the transaction. Users’ are responsible for maintaining an adequate balance and/or sufficient credit limits in order to avoid insufficient funds, or similar fees charged by a users’ payment provider.

FIFO will make best efforts to fulfil all purchases of Digital Assets, but in some circumstances, FIFO may be unable to confirm, FIFO will notify the user and seek their approval to re-attempt the purchase at the current Exchange Rate.

Purchase or sale of Digital Assets using E-Money or Legal Tender is subject to a fee (an "Exchange Rate Fee"). The applicable Exchange Rate Fee will be displayed in the users account prior to each transaction and is stated in each receipt FIFO issue to the users. A full list of FIFO UK's fees can be found on our Fees Schedule.

FIFO may refuse to complete, suspend, cancel or reverse a transaction a user has or block/terminate access to any or all of the FIFO Services, for any reason, including but not limited to:

Users of a FIFO Account are subject to:

pending litigation

investigation

government proceeding

risk of legal or regulatory non-compliance associated with a users’ Account activity

FIFO are required to do so by applicable law to which FIFO are subject in any jurisdiction;

FIFO reasonably suspect a user of acting in breach of this Agreement;

FIFO reasonably suspect a user to have breached a FIFO, or Conditional Use;

FIFO have concerns that a transaction is erroneous

FIFO have concerns about the security of the users FIFO Account

FIFO suspect the FIFO Services are being used in a fraudulent or unauthorised manner;

FIFO suspect that the valid payment method linked to the users E-Wallet is declined;

1User actions that mean FIFO suspect the user of abusing the FIFO services

FIFO will refuse to complete a transaction that is authorised where there is insufficient E-Money in the users’ E-Wallet or insufficient Digital Assets in their E-Wallet to cover the transaction including associated fees at the time that FIFO receive notification of the transaction.

Should FIFO refuse to complete a transaction or suspend or all FIFO services, FIFO will provide users with a notice for our actions and the reasons for such actions. Should FIFO refuse to complete a transaction or suspend a users’ FIFO Account FIFO will lift the suspension as soon as reasonably practicable once a resolution has been reached. FIFO are under no obligation to reinstate a transaction at the same price or on the same terms as before any suspension occurred.

FIFO may suspend, restrict, or terminate users access to any or all of the FIFO Services and/or deactivate or cancel a users’ FIFO Account, without reason by giving users one month’s notice. Users agree that FIFO are under no obligation to disclose the details of the termination.

On termination of this Agreement, unless prohibited by applicable law to which FIFO is subject in any jurisdiction, a user may transfer Digital Assets or any Legal Tender balance in the E-Wallet(s) for up to a period of 60 (sixty) days after termination.

User may close their FIFO Account at any time by withdrawing all balances and funds and informing FIFO via the website, there is no charges for closing or cancelling a FIFO Account, although users will be required to pay any outstanding amounts owed on the account. Users authorise FIFO to cancel or suspend any pending transactions at the time of cancellation.

DATA PROTECTION

Users acknowledge that FIFO may process personal data in relation to each user, and personal data associated with other individuals, in connection with this Agreement, or the FIFO Services. Accordingly, user represent and warrant that:

disclosure to FIFO of any personal data relating to individuals other than yourself as the user was or will be made in accordance with all applicable data protection and data privacy laws, and those data are accurate, up to date and relevant when disclosed;

before providing any such personal data to FIFO, users have read and understood our Privacy Policy, and in the case of personal data relating to an individual other than the user, the user has provided a copy of that Privacy Policy to that individual; and

if from time to time FIFO provide users with a replacement version of the Privacy Policy, users will promptly read that notice and provide a copy to any individual whose personal data has been provided to FIFO.

LIABILITY

If users enter a dispute with one or more users of the FIFO Services, users agree that neither FIFO nor our affiliates or service providers, nor any of our respective officers, directors, agents, employees and representatives will be liable for any claims, demands and damages (actual and consequential) of any kind or nature arising out of or in any way connected with such disputes.

Users also agree to indemnify FIFO, our affiliates and service providers, and each of our or their respective officers, directors, agents, employees and representatives, in respect of any costs (including attorneys' fees and any fines, fees or penalties imposed by any regulatory authority) that have been reasonably incurred in connection with any claims, demands or damages arising out of or related to the users’ breach and / or our enforcement of this Agreement including without limitation the users breach of the following: